Nice in-depth analysis, there Cicatriss, seriously good work. And as an MNF shareholder it is reassuring to see that there is nothing else that stands out as a potential negative in the set of accounts.
Of course the reporting on 30 Jun 08 was in fact correct and whilst I agree it presented as a best foot forward report the fact it was an accurate portrayal for the terms of reference employed and in a typical style of companies reporting.
Another MNF poster earlier eluded to the difference between cashflow & revenue. Cashflow of course being correctly reported at $7.5M whereas revenue is reported as being $6.8M. The difference of $0.7M being for pre-payments for MNF minutes not yet delivered as at 30 Jun 08.
Good to have a friendly creditor such as Symbio on side in these credit strapped times. That is probably the positive in this frankly. Considering the explosive growth rates MNF has achieved and will likely continue to experience Symbio will be paid down in the next 6 months I would imagine.
Overall I am pleased with the yesterdays books and do not share your concern that MNF shareholders are being in anyway mislead with Smoke & Mirrors reports as to the true status of the books.
I think it would be useful for all ASX VOIP company shareholders if you could give a simliar in-depth analysis of FRE & ENG FY08 reports in the FRE & ENG forums if you have the time or interest. Whilst I have only spent time looking at the headline figures in these reports I am certain that you would be able to find a lot more smoke & mirrors in those reports. Remember, they are posting $8M & $12M losses. MNF is in another class all together.
MNF Price at posting:
0.0¢ Sentiment: Hold Disclosure: Held
